The Managing Director of First City Monument Bank, Mr. Yemisi Edun, has revealed that Nigeria needs $100 billion in annual investments to address the growing infrastructure deficit.
In a statement made available to our correspondents on Tuesday, he made this disclosure at the 17th Annual Banking and Finance Conference held in Abuja, stating that key sectors such as infrastructure and manufacturing are critical to the country’s long-term economy. He emphasized the urgent need for financing to strengthen. The term economic growth.
Mr. Edun emphasized the important role that the financial sector must play in bridging this infrastructure gap, urging Nigerian banks to explore alternative financing mechanisms, such as issuing long-term infrastructure bonds and forming public-private partnerships. recommended to do so.
“Infrastructure financing is also a pressing issue, with Nigeria needing about $100 billion annually to address its infrastructure deficit,” Edun said.
He further said that amid a broader push to strengthen credit in Nigeria's private sector, which currently accounts for only 13% of gross domestic product, the recapitalization of Nigeria's banks would significantly increase their ability to meet the financing needs of critical sectors. He explained that it would improve.
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